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Formula Systems Reports Third Quarter Results For 2012

OR YEHUDA, Israel, November 13, 2012 /PRNewswire/ --

Formula Systems (1985) Ltd. ( NASDAQ: FORTY) a leading provider of software consulting services, computer-based business solutions, and proprietary software products, today announced its results for the third quarter of 2012.

Financial Highlights for the Nine-Month Period Ended September  30, 2012
  • Revenues for the nine-month period ended September 30, 2012, increased 13% to $546.5 million compared to $483.3 million in the same period last year.
  • Operating income for the nine-month period ended September 30, 2012, increased 8% to $41.9 million compared to $38.8 million in the same period last year. Non-GAAP operating income for the nine-month period ended September 30, 2012, increased 21% to $52.5 million compared to $43.3 million in the same period last year.
  • Net income for the nine-month period ended September 30, 2012, increased 27% to $16.5 million, or $1.18 per fully diluted share, compared to $13.0 million, or $0.94 per fully diluted share, in the same period last year, excluding income of $25.8 million recorded in the nine-months period ended September 30, 2011 in connection with the acquisition by Sapiens International Corporation N.V. of IDIT I.D.I Technologies Ltd and FIS Software Ltd on August 21, 2011. Non-GAAP net income for the nine-month period ended September 30, 2012, increased 42% to $22.8 million compared to $16.1 million in the same period last year excluding $25.8 million recorded in the nine-months period ended September 30, 2011 in connection with the foregoing acquisition by Sapiens.
  • Consolidated cash and short term and long term investments in marketable securities totaled approximately $130.0 million, as of September 30, 2012.
  • Total equity on September 30, 2012 was $455.3 million, representing 55% of the total balance sheet.

Financial Highlights for the Third Quarter Ended September  30, 2012
  • Revenues for the third quarter ended September 30, 2012, increased 13% to $182.0 million compared to $161.5 million in the same period last year. Revenues for the third quarter of 2012 were negatively affected mainly by the devaluation of the U.S. dollar versus the New Israeli Shekel and the Euro in the amount of approximately $16.0 million in comparison to the same period last year.
  • Operating income for the third quarter ended September 30, 2012, increased 8% to $14.0 million, compared to $13.0 million in the same period last year. Operating income for the third quarter of 2012 was negatively affected by the devaluation of the U.S. dollar versus the New Israeli Shekel in the amount of approximately $1.2 million in comparison to the same period last year. Non-GAAP operating income for the third quarter ended September 30, 2012, increased 19% to $17.6 million, compared to $14.8 million in the same period last year;
  • Net income for the third quarter ended September 30, 2012, increased 23% to $4.7 million, or $0.33 per fully diluted share, compared to $3.8 million, or $0.28 per fully diluted share, in the same period last year, excluding $25.8 million recorded in the third quarter ended September 30, 2011 in connection with the foregoing acquisition by Sapiens. Net income for the third quarter of 2012 was negatively affected mainly by the devaluation of the U.S. Dollar versus the New Israeli Shekel and the Euro in the amount of approximately $0.5 million in comparison to the same period last year. Non-GAAP net income for the third quarter ended September 30, 2012, increased 39% to $6.9 million compared to $5.0 million in the same period last year, excluding $25.8 million recorded in the third quarter ended September 30, 2011 in connection with the foregoing acquisition by Sapiens.

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